According to a new report from Allied Market Research, the global digital supply chain industry was pegged at US$3.91billion in 2020, and is expected to reach $13.67billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030.
Increase in demand for reliable, fast and effective order execution, rise in demand for cloud-based supply chain management solutions, and improved use of industrial-grade digital technology drive the growth of the global digital supply chain market.
However, security concerns associated with the digital supply chain among the people hinder the market growth. Nonetheless, the ongoing digital transformation trend and proliferation of supply chain 4.0 are expected to open lucrative opportunities for the market players in the coming years.
The outbreak of the covid-19 pandemic has also significantly stimulated the growth of the global digital supply chain market as there was increased inclination toward digitization and for online shopping.
By component, the solution segment held the largest share in 2020, accounting for more than three-fifths of the global digital supply chain market, and is expected to dominate the market during the forecast period. The demand is due to rise in the adoption of supply chain visibility and event management solution, which is an important part of digital supply chain.
The services segment is estimated to register the highest CAGR of 14.8% during the forecast period, owing to rise in the adoption of supply chain management solutions which has resulted in demand for supply chain management services across different industry verticals.
By organization size, the small and medium enterprise segment would showcase the highest CAGR of 14.1% from 2021 to 2030, due to surge in the adoption of digital supply chain management solutions in SMEs, to obtain insights by analyzing real-time data.
The large enterprise segment held the largest share in 2020, contributing to nearly three-fifths of the market, and is expected to maintain its dominance in the forecast period. Large-scale enterprises need to keep huge amounts of data handy and secure to analyze customer demand, this drives the growth of the segment.
By region, the global digital supply chain industry across North America dominated in 2020, accounting for more than two-fifths of the market, due to increased investment in emerging technologies such as artificial intelligence (AI), robotics & automation, Internet of Things (IoT), 5G networking, augmented & virtual reality (AR/VR), digital twin, autonomous cars, and drones which in turn drives the growth of digital supply chain market.
However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 16.1% during the forecast period, owing to strong economic growth and ongoing development in services sector, due to which the business enterprises are investing in the digital supply chain solution to sustain their growth and improve productivity.